This marked the first full quarter with CEO Marissa Mayer and CFO Ken Goldman at the helm, and Credit Suisse notes that similar to previous quarters Yahoo! remains a work in progress with better-than-expected search revenues and margin guidance offset by incremental weakness in display (down 5% year-over-year), which does raise some concern.

Mayer reiterated the overall broad strategy with a particular focus on mobile, personalization as well as the re-imagining of core search and display offerings, and the brokerage continues to believe this will likely increase the investor perception that the company has at last found the right management team to execute on the ongoing turnaround. However they maintain a wait-and-see stance pending further details around the product roadmap as it seeks to transform itself longer term into a growth company.